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Money: Bitcoin vs. Etherum: The Tapoot update brings complex Smart Contracts to the Blockchain

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 Anonymous attacks Elon Musk because of Bitcoin Tweets to Elon Musk is targeted by the hacker group Anonymous. In a VIA social media, Musk is accused of abusing its power to manipulate the bitcoin courses. © yac.news Anonymous criticizes Elon Musk. In February, the communication had that Tesla Bitcoin has bought $ 1.5 billion , a price rally at the world's largest crypto currency triggered.

Tapoot, the first update of the Bitcoin protocol for four years, real smart contracts on the blockchain will make sense for the first time. Ethereum could thereby lose attractiveness.

Bitcoin nimmt mit Taproot mächtig Fahrt auf. © Visual Generation / Shutterstock Bitcoin takes up with Taproot powerful ride.

At the weekend, the tension expected tapoot update of Bitcoin was adopted by more than 90 percent of the mining hashrates of the blockchain in the way of Speedy Trial . By Speedy Trial, Miner and Mining Pools signal their approval.

Tapoot follows four years after the controversial Segwit update, as a result of the FORK Bitcoin Cash was created. The key advantages of Tapoot updates result for "Decentralized Finance" and the required Smart Contracts .

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To work on-chain transactions

to properly assess the benefits, we must briefly look at the basics of on-chain transaction. Here, a public address produces a cryptographic proof that proves that it has all permissions to perform a transaction. This uses your private key to create and prove a clear signature that the transaction really comes from the associated user.

This cryptographic proof is then stored in the blockchain. By deciphering the cryptographic evidence in each block, everyone can track the transactions between the addresses and identify the transmitter and recipient based on their public keys.

Therefore, Smart Contracts on the Bitcoin Chain are problematic

Smart Contracts Now are interactions between many addresses. This makes it possible to perform complex transactions. Smart Contracts set software-side conditions for transactions that many users can include.

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  Hedge Funds Turning to Bitcoin; Consumers Keeping Cars Longer Intertrust, a publicly traded international trust and corporate management firm based in the Netherlands, surveyed 100 hedge fund managers worldwide and found that some firms plan to allocate as much as 10% or more of their portfolios to cryptocurrencies. Your browser does not support this video Hedge funds typically target high net worth investors and invest pooled funds using different strategies, including long and short positions in a range of assets, to generate returns in varying market conditions. Results of Intertrust's survey were first reported by the Financial Times, a British newspaper.

known platforms with Smart-Contracts capability are about EtherEmum, Cardano or the Binance Smart Chain . The market leader is still still etherum. Almost all of the well-known Defi applications ( DAPPS ) run on EtherEmum , as well as almost all non-fungible tokens on the Etherum Blockchain. Nevertheless, it is basically possible to use Smart Contracts on the bitcoin blockchain.

, however, you need a large amount of storage space in the current form of the bitcoin network. The resulting transaction costs will be so high that smart contracts on the bitcoin chain can not be calculated well.

The fact that complex transactions must associate all public keys associated with the Smart Contracts, Defi projects such as EtherEm are not possible on the bitcoin chain.

This wants to change Tapoot

The upcoming bitcoin update tapoot should now be aware that it combines the public keys of users who participate in a Smart Contract to a new public key. This key can then create a unique signature that is valid only for this particular combination of addresses.

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Such so-called Schnorr signatures (according to the German mathematician Claus Schnorr, who invented them in the 1970s) hide the public keys of the individual users in each Smart Contract and drastically reduce the space requirements.

So, on the one hand, only the combined public keys on the blockchain is visible, which improves security and privacy. On the other hand, the smaller space requirement leads to significantly lower transaction fees. This is likely to be particularly interesting, after only last April in the course of the price increases of the Bitcoin, a new high of the fees was registered.

Tapoot eliminates overhead and simplifies smart contracts significantly

Through these two changes, even complex Smart-Contract interactions like simple payments between two public keys will look like. This could develop the Bitcoin network to a serious competitor for Etherum. The higher market value has the project anyway.

An economically performable and performant Defi platform on the bitcoin blockchain would be most likely to encounter significant interest. The start of Tapoot is planned for November 2021.

Outlook for Bitcoin Bright Despite Stumbles; Wind Power Moves Ahead of Hydro in U.S. .
"Despite the near-term volatility and recent headlines from China, we think ultimately the changes leave Bitcoin in a healthier and more resilient place," Greg Cipolaro, head of research at New York Digital Investment Group, said in a report. "As always, short-term price movements are difficult to predict, but we see no changes for the long-term fundamental case for Bitcoin."After a prolonged swoon, Bitcoin had climbed about $40,000 before news of China's decision to close mining operations sent prices spiraling downward.

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